Texas Senator Ted Cruz says bitcoin can bring wealth, calling BTC mining a plus for the environment
US Senator Ted Cruz believes that Bitcoin and BTC mining are beneficial for both the economy and the environment.
At the Texas Blockchain Summit event, Cruz says that bitcoin generates wealth, which in turn benefits the environment.
“If you look at the environment, pollution is directly linked to poverty. The poorer a community, the dirtier the energy it produces.
If you drive a brand new Tesla, that’s great. But if you don’t have the money to afford one, that doesn’t help.
Also, the exciting thing about Bitcoin is that it is a space [Texas Blockchain Summit event at Austin] full of entrepreneurs. This is a room full of people taking care of their families. And this prosperity is also good for the environment.”
According to Cruz, mining crypto assets is a “big net positive” for the environment because it incentivizes renewable energy generation while using energy that would otherwise be wasted.
“I think cryptocurrency is a net plus for the environment. In fact, a big net plus for the environment. Being able to release lots of renewable energy is really important for the environment. I think being able to take stranded natural gas and use it productively is a huge benefit for the environment.”
The Republican senator also says Bitcoin mining also helps regulate and optimize energy distribution.
“Due to the ability of bitcoin mining to turn on or off instantly, if there is a moment when there will be a power outage and power crisis, be it a freeze or some other natural disaster where the power generation capacity will drop, that will arise Ability to instantly convert that energy to bring it back to the grid.”
Earlier this year, Cruz said he was a “big supporter of bitcoin,” saying it acts as an inflation hedge.
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Leonid Studio
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.